Noble Outreach $20 Million EB-5 visa project announced in New Orleans, Louisiana
News out of New Orleans has EB-5 Regional Center New Orleans’ Mayor’s Office developers Noble Outreach planning to fund a restaurant, hotel and conference center with $20 Million dollars in funding. The story does not mention if there are any additional funding sources or if this will be completely funded by EB-5 visa foreign national investors. One comment by the New Orleans CityBusiness writer Ben Myers puts the number of Regional Centers at 45, a number I know that many Regional Center principals wish were true. Good luck Col. Tim & Bart!
by Ben Myers, Staff Writer
Published: January 27th, 2010
A pair of blighted of buildings at 3000-3010 General DeGaulle Drive in Algiers for almost two decades have greeted motorists approaching the Crescent City Connection.
Today they crumbled to the ground to make space for a development that officials say will catalyze further economic development along General DeGaulle and serve as a community focal point.
The $20 million project will include a WOW Café and Wingery, Value Place Hotel and a multipurpose conference center.
And it is all made possible by anonymous foreign investors looking for green cards.
The project is a product of EB-5, a federal immigration program that doles out visas to “qualified individuals seeking permanent resident status on the basis of their engagement in a new commercial enterprise,” according to the U.S. Citizenship and Immigration Services. The U.S. offers 10,000 EB-5 visas annually, and a portion of those go to immigrants who invest in one of 45 “regional centers,” which include New Orleans.
“But for that, I’m not sure this deal could not have been done,” said Paul Richard, a commercial investment agent with Latter and Blum Inc./Realtors who said he has marketed the site for about five years. “It ran the gamut of potential land uses, and it really became a function of which land use could underwrite the investment.”
“Economic development in areas that need economic development is all part of our program,” Hungerford said.
Hungerford said federal securities law prohibits him from revealing the total amount of capital NobleOutReach has raised and the number of investors that have contributed. He also could not discuss the number of projects NobleOutReach is working on. But he did say the firm has three funds, each designed to hold up to 99 investors and $50 million.